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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 71.5x - 79.0x | 75.2x |
| Selected Fwd EBITDA Multiple | 21.6x - 23.9x | 22.7x |
| Fair Value | $48.49 - $53.49 | $50.99 |
| Upside | -35.4% - -28.8% | -32.1% |
| Benchmarks | Ticker | Full Ticker |
| Palo Alto Networks, Inc. | PANW | NasdaqGS:PANW |
| Fortinet, Inc. | FTNT | NasdaqGS:FTNT |
| RingCentral, Inc. | RNG | NYSE:RNG |
| Dynatrace, Inc. | DT | NYSE:DT |
| Zscaler, Inc. | ZS | NasdaqGS:ZS |
| Nutanix, Inc. | NTNX | NasdaqGS:NTNX |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PANW | FTNT | RNG | DT | ZS | NTNX | ||
| NasdaqGS:PANW | NasdaqGS:FTNT | NYSE:RNG | NYSE:DT | NasdaqGS:ZS | NasdaqGS:NTNX | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 57.3% | 36.0% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | 38.1% | NM- | 8.2% | NM- | NM- | |
| Latest Twelve Months | 71.5% | 47.0% | 167.3% | 24.4% | 57.6% | 447.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.5% | 24.6% | -4.4% | 10.7% | -16.6% | -22.9% | |
| Prior Fiscal Year | 8.6% | 25.4% | 2.5% | 11.4% | -11.5% | -5.5% | |
| Latest Fiscal Year | 13.6% | 32.3% | 9.9% | 12.0% | -4.2% | 4.5% | |
| Latest Twelve Months | 15.9% | 33.5% | 10.7% | 12.4% | -2.4% | 6.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 13.77x | 11.55x | 1.59x | 8.32x | 14.22x | 8.44x | |
| EV / LTM EBITDA | 86.4x | 34.5x | 14.8x | 66.9x | -591.1x | 124.4x | |
| EV / LTM EBIT | 105.3x | 36.8x | 100.0x | 82.2x | -341.7x | 224.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -591.1x | 34.5x | 86.4x | ||||
| Historical EV / LTM EBITDA | -30.4x | -9.0x | 138.0x | ||||
| Selected EV / LTM EBITDA | 71.5x | 75.2x | 79.0x | ||||
| (x) LTM EBITDA | 157 | 157 | 157 | ||||
| (=) Implied Enterprise Value | 11,245 | 11,837 | 12,429 | ||||
| (-) Non-shareholder Claims * | 277 | 277 | 277 | ||||
| (=) Equity Value | 11,523 | 12,114 | 12,706 | ||||
| (/) Shares Outstanding | 266.7 | 266.7 | 266.7 | ||||
| Implied Value Range | 43.21 | 45.43 | 47.65 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 43.21 | 45.43 | 47.65 | 75.10 | |||
| Upside / (Downside) | -42.5% | -39.5% | -36.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PANW | FTNT | RNG | DT | ZS | NTNX | |
| Enterprise Value | 116,944 | 70,746 | 3,946 | 13,588 | 34,408 | 19,749 | |
| (+) Cash & Short Term Investments | 3,233 | 4,781 | 154 | 1,008 | 2,880 | 1,743 | |
| (+) Investments & Other | 4,560 | 35 | 0 | 46 | 11 | 0 | |
| (-) Debt | (970) | (995) | (1,386) | (75) | (1,239) | (1,466) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | (199) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 123,766 | 74,567 | 2,515 | 14,566 | 36,060 | 20,026 | |
| (/) Shares Outstanding | 662.1 | 765.4 | 90.7 | 299.4 | 154.7 | 266.7 | |
| Implied Stock Price | 186.93 | 97.42 | 27.72 | 48.66 | 233.06 | 75.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 186.93 | 97.42 | 27.72 | 48.66 | 233.06 | 75.10 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |